The global spinal implants and spinal devices market is anticipated to hit $19.54 billion by 2024, according to a Grand View Research report.
Here are seven observations:
1. An increasing number of spine injuries, the growing trend of sedentary lifestyles and an increasing obese population will spur market growth.
2. Advancements of spinal navigation technology, titanium biologics and genetically modified bone morphogenetic proteins will also contribute to market growth.
3. The costliness of spinal implants and procedures may present a challenge for market growth. However, the industry will increasingly perform minimally invasive surgeries, which will decrease associated costs.
4. The spinal fusion devices segment accounted for the largest market share (38 percent) in 2015. The spinal biologics segment is expected to see great growth at a compound annual growth rate of 7 percent between 2015 and 2024, due to the increasing adoption of MIS procedures.
5. In 2015, North America dominated the spinal implants and devices market with a 63 percent market share, in part because of advanced healthcare facilities and favorable reimbursements.
6. The Asia Pacific region will experience the most rapid market growth, due to medical technology advancements and introduction of less costly implants. Additionally, the area's population is increasingly gaining medical coverage.
7. Dominant market players include Medtronic, Depuy Synthes, Stryker, NuVasive, Zimmer Biomet, Globus Medical, Orthofix and LDR.